European thematic specialist Rize ETF acquired by ARK Invest

Europe's first specialist thematic ETF provider, Rize ETF has today (20 September) been acquired by ARK Invest, the parent of ARK Investment Management, the investment manager led by CEO Cathie Wood. AssetCo sold its 70% equity stake in Rize ETF, effective immediately. The deal sees AssetCo receive an up-front payment of £2.625m, a deferred payment of the same amount and an earn out provision, capped at £5.25m, which will operate over five years and is subject to a conditional minimum amount. AssetCo acquired its stake in the ETF house for £16.5m just two years ago, along with a co...